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A little bit of both. If the store packaging is firm and somewhat regularly shaped, then just wrap as is. Otherwise it goes in a box, but I don't unpackage first. My husband likes to use big boxes and put things like soup cans in it along with the present to throw off any guesses.

@kiddosc: My Mom once wrapped a gift card in a big box with a can of soup in it and I spent a month trying to figure out what it was - I called it the rolly-thunky present because of the noises it made when I tipped it different ways. She has also wrapped food that she needs and has had to unwrap and retrieve, though!

For me it’s a mix. Usually I wrap as-is, but for things like sweaters I usually put them in a box.

I am super lazy. Sometimes I just put the gift in a bag with tissue paper on top But I agree with others that it really depends! I'd love to just wrap as is whenever possible! Again, I'm lazy!

I don't save the actual box it was shipped in unless it's something really odd shaped/hard to wrap. Somehow it just feels a little off to me to open a gift and see a mailing label.

I don't keep any spare boxes lying around though, so if it's tough to wrap and I already tossed the shipping box, I just tough it out and figure out a way to smoosh it into the wrapping.

(Also - shipping boxes are usually way larger than the actual item! So it would be rattling around in there unless you also keep the packing materials, and we'd run out of space under the tree a lot faster.)